London

  • jonathan burrows 2

    News

    Ex-BlackRock Exec Regrets £43,000 Commuting Scam, Will Never Work In This Town Again

    Remember Jonathan Burrows? Former senior executive at BlackRock in London? Saved himself a nice chunk of change by only paying £7.20 of the £21.50 his daily commute from East Sussex to the City cost, for a period of at least five years? Upon being made aware last summer the U.K. Financial Conduct Authority was investigating […]

    / Dec 15, 2014 at 2:48 PM
  • Screen Shot 2014-08-06 at 12.26.27 PM

    News

    Ex-BlackRock Exec Doesn’t Have To Explain His £43,000 Commuting Scam To You

    One of the more unglamorous aspects of being an adult with a job outside the home is the matter of commuting. Whether you’re driving, taking the subway, or being chauffeured, the entire thing is a grind, a time-suck, a nuisance, and an opportunity to catch whatever the breeding grounds for bacteria violating your personal space […]

    / Aug 6, 2014 at 12:40 PM
  • lloyd-blankfein-and-gary-cohn

    Threats

    Goldman Sachs Suggests London Consider A World Without Goldman Sachs

    Goldman Sachs has said it would move much of its European business out of London if Britain leaves the European Union. The warning from the world’s most powerful investment bank comes as political pressure for Britain to leave the EU mounts. David Cameron has committed to holding a referendum on Britain’s membership if the Conservatives […]

    / Dec 4, 2013 at 2:16 PM
  • Banks

    Bonus Watch ’13: A League Table That Citigroup Is On Top Of

    The House of Corbat was the place to be on Friday in London.

    / Dec 2, 2013 at 2:58 PM
  • saccapitalfleece

    News

    Shuttering Watch ’13: SAC UK

    SAC Capital’s London office is reportedly packing it in.

    / Oct 22, 2013 at 12:05 PM
  • tutu

  • cheers

    News

    Sometimes London Financiers Want To Go To A Local Sperm Bank Where Everybody Knows Their Name, And Are Always Glad They Came

    Data from the London Sperm Bank (LSB) reveals that finance workers are some of the most prolific spreaders of their seed. On average, 36 finance professionals visit the bank every month. This puts them on a par with students, and compares to donations from just three chefs and six film makers. Only IT managers are […]

    / Sep 23, 2013 at 1:14 PM
  • main-swimming-pool

    News

    Now If You’ll Excuse Him, Martin-Artajo Has A Pool-Side Massage Appointment To Get To

    Former JP Morgan trader Javier Martin-Artajo was released after telling a Madrid court he opposed attempts by U.S. prosecutors to extradite him on charges he hid trading losses that cost the bank $6.2 billion. The former trader turned himself in this morning after being contacted by investigators, a Spanish police official said. He was released […]

    / Aug 27, 2013 at 11:03 AM
  • Banks

    A Tale Of One City

    It is the best of times (for those getting hired by London banks) and the worst of times (for those still trying to get hired by London banks).

    / Jul 12, 2013 at 11:45 AM
  • News

    Ex-Hedge Fund Manager Who Destroyed Her Husband’s Career And Reputation Is Doing Great

    Remember Kashya Hildebrand, the former Moore Capital Management partner whose ill-advised-but-not-illicit-according-to-her currency trades cost her husband his job as head of the Swiss National Bank? Well, she’s doing great and getting out of the fusty hellhole that is Zürich, where they understand neither cutting-edge Middle Eastern art nor the beauty of a well-timed franc-dollar trade.

    / Jun 25, 2013 at 4:06 PM
  • News

    London Now A Great Place To Divorce Someone Significantly Richer Than You

    The U.K.’s highest court has done away with the “corporate veil” and “cheats’ charter.”

    / Jun 13, 2013 at 9:30 AM
  • News

    CME Set To Make Spectacular Glitches A Transatlantic Phenomenon

    In less than three short months, London futures traders will have direct, local access to the CME Group’s vaunted technology platform.

    / Jun 11, 2013 at 4:52 PM
  • News

    Housekeeping: Foreign Correspondents

    Do you live in London or Hong Kong, Tokyo, Singapore or another Asian financial capital? Do you want to write about the financial industry there, for Dealbreaker? Great news! We are looking for correspondents in both regions. If this sounds like something that might be interesting to you, send us an email describing who you […]

    / Feb 21, 2013 at 4:04 PM
  • strip-club

    News

    Bonus Watch ’13: Won’t Anyone Think Of Strippers?

    Clawbacks, deferred compensation, layoffs timed to occur days before bonuses are paid, not to mention lectures re: not buying a couple dozen lap dances because it’s a day ending in ‘y’ hurt them too, y’know.

    / Feb 14, 2013 at 3:58 PM
  • citilondonwrapping

    News

    If This Credit Trading Thing Doesn’t Work Out, Citi Employees In London Have A Career In Gift Wrapping To Fall Back On

    Behold the amazing attention to detail that was brought to wrapping the desk of a colleague, who showed up late the day after group holiday party. The mouse! The stapler! The tight, clean corners on the monitors!

    / Dec 7, 2012 at 10:48 AM
  • News

    Layoffs Watch ’12: Credit Suisse (Again)

    More cuts at the House of Dougan, on top of the ones in Russia, were said to have gone down today.

    / Dec 5, 2012 at 5:07 PM
  • News

    If You Think You Were Unfairly Fired From Your Banking Job And Work In The UK, You’ve Got Two Options

    1. Get over it. 2. Get over it. UK judges couldn’t give less of a fuck.

    Fired bankers suing for unfair dismissal and unpaid bonuses have found little success at London’s specialty employment courts as continuing anger over the financial crisis has left judges unsympathetic. The adverse decisions from the U.K. Employment Tribunal come after London bankers had a run of legal successes with courts ruling they were entitled to large bonuses written into contracts before the economic downturn. The latest round of cases have largely been based instead on wrongful termination, where the banks have been able to make stronger arguments. A former JPMorgan Chase banker, fired for mispricing aluminum trades, discovered the new reality the hard way Oct. 17, when a London judge threw out his suit for not properly explaining how “a large number of errors” he made benefited his trading book by about $400,000. Other claims tossed this year involved securities manipulation and threats from colleagues. “In the current climate there is little sympathy for bankers,” said Andreas White, an employment lawyer at Kingsley Napley LLP in London. “Banking is the only industry where claimant employees are even less popular” than their bosses.

    Fired Bankers’ Lawsuits Fail as Judges Tire of Bonus Claims [Bloomberg]

    / Nov 6, 2012 at 1:49 PM
  • News

    Layoffs Watch ’12: Nomura

    Employees are said to be expecting something resembling a massacre tomorrow around 10 or so, depending on when people roll into the office.

    From the front lines:

    “Nomura London cuts happening tomorrow starting 10ish. It’s going to be a bloodbath.”

    / Sep 19, 2012 at 6:25 PM
  • News

    Hiring/Layoffs Watch ’12: New York Good, London Bad

    Relatedly, Goldman is looking for some young bodies.

    Financial firms in London, besieged by Europe’s sovereign-debt crisis, probably will shrink their workforce this year, snapping a hiring rebound from 2008’s credit crisis as New York’s industry ekes out job growth. Banks, insurers and other financial-services firms may eliminate about 3,000 jobs across greater London as companies in the New York region add 9,000, according to U.K.-based researcher Oxford Economics Ltd. London’s proximity to the debt crisis is undermining the city’s efforts to gain on its trans-Atlantic rival. While Wall Street also is suffering from a global slowdown in trading and deal-making, North American banks are benefiting from a surge in consumer lending…Some large banks are offsetting senior-staff reductions by recruiting less-expensive workers. New York-based Goldman Sachs, seeking to cut $500 million of costs, expects its workforce to feature a greater proportion of junior employees by year-end, Chief Financial Officer David A. Viniar, 57, said July 17. “Wall Street is tilting toward younger, up-and-coming talent,” Kahn said.

    London Firings Seen Surging As Finance Firms Add Jobs In NY [Bloomberg]

    / Aug 17, 2012 at 2:21 PM
  • News

    Repentant British Banks Forcing Clients To Transport Themselves To Olympics, Stay In What Is Basically The Equivalent Of Motel 6, Drink Olde English

    Time was, working on Wall Street meant going to great lengths to lavishly entertain clients whose business you wanted to win or keep. Client wanted to party on a yacht with forty Brazilian hookers? You made it happen. Client wanted Jay-Z to perform at his son’s Bar Mitzvah? You were on it. Client wanted you to manipulate Libor while simultaneously hand feeding him grapes? All you wanted to know was red or green.

    Whatever they wanted you delivered and then some and the best part was nobody said anything about it. Nobody  judged, nobody protested, nobody wondered if flying to Hyōgo Prefecture to personally slaughter a cow and bring it back with you in business class so the client’s dinner would be fresh was the best use of company money.  Then you nearly take down the global financial system and have to be bailed out by the government and all of a sudden it’s like people think they have the right to count your (or in the case of banks still partially owned by the UK, their) money.

    So you scale back the big outings. You make less of a spectacle. Should be enough to get ‘em off your backs, only it’s never enough for these people. They’re not happy until you’re taking clients to Applebee’s and suggesting getting one appetizer and splitting an entrée, or inviting them to major international sporting events and then denying them black car service, putting them up in relative dumps, and making them drink malt liquor. Which is more or less what one bank is doing.

    The games are typically one of the biggest corporate schmoozefests on the calendar, with official sponsors and interlopers alike flashing the cash for the best tickets, best party venues and best celebrity guests. Many banks and other companies spent mightily four years ago in Beijing to show their clients a good time and increase their profile in China. This time around, banks are under pressure to cut costs and avoid displays of wealth that will further inflame an already angry public. What is more, the U.K.’s influence in the world isn’t what it used to be, and its economy, mired in recession, doesn’t exactly have the growth prospects of China’s. And antibanking sentiment here is still off the charts after several years of global financial turmoil.

    Lloyds is arguably in the trickiest position by virtue of its Olympic sponsorship. The [sponsorship] deal was struck in the heady window between the day London was awarded the games in 2005 and when the global financial crisis kicked into gear—and kicked Lloyds into trouble and, eventually, partial state ownership.

    One of the main points of such deals is the ability to strut with clients around the Olympic Park—something the bank is largely keeping in check. For one thing, Lloyds didn’t buy all of the several thousand tickets allocated to it in the original agreement. And being invited to the games by Lloyds isn’t exactly a luxe affair. The bank said “the majority of our guests will travel to and from Olympic venues on public transport.” Lloyds also says it won’t offer guests transfers to and from airports, and will in some cases put them up at three- or four-star hotels—a contrast to the five-star accommodations frequently used in bank hospitality events. Lloyds has also put the kibosh on Champagne.

    Happy now?

    Hold the Bubbly: London Financiers Keep Low Profile at Olympics [WSJ]

    / Aug 3, 2012 at 1:58 PM
  • News

    Post LiborGate, Area Investment Advisor Doesn’t Think He’s Being Extreme In Suggesting We Relaunch The Revolutionary War

    As long ago as June 2008, New York Federal Reserve President Timothy F. Geithner was warning the Bank of England that letting bankers set the benchmark interest rate for global finance was open to abuse. Governor Mervyn King’s failure then to take greater responsibility for Libor now poses a new threat to London’s drive to […]

    / Jul 16, 2012 at 11:45 AM
  • JPMorgan Flogging

    Representative Carolyn Maloney: Why Didn’t You Lose Billions Of Dollars In New York? What’s London Got That We Don’t?

    “Mr. Dimon, I thought you loved New York. Why did all this activity take place in London?”

    / Jun 19, 2012 at 12:18 PM
  • News

    Layoffs Watch ’12: JPMorgan

    Some people are keeping their London-based gigs (for now) and some people are not.

    JPMorgan Chase, the biggest U.S. lender by assets, will eliminate 20 investment-banking jobs in London as market conditions weaken, according to a person with knowledge of the cuts. The staff cuts aren’t related to the $2 billion loss at the New York-based company’s chief investment office in London, said the person, who asked for anonymity because the investment bank reductions haven’t been made public.

    [Bloomberg]

    / May 16, 2012 at 6:07 PM
  • News

    Layoffs Watch ’12: Barclays Capital

    Cuts are said to have begun today across the pond.

    FYI: ‘Consultation process’ (job cuts) at BarCap London start this week. No indication of scale. Same day as [UK governance watchdogs] PIRC and ABI put firm on Amber Top alert due to exec compensation… troops not happy.

    / Apr 11, 2012 at 11:53 AM
  • News

    London Mayoral Candidate Proposes To Run City With Coke, Sodomy And The Noose

    Ken Livingstone has provoked fresh controversy, after telling an audience: “Hang a banker a week until the others improve.” … A spokesperson for Livingstone insisted it was simply a joke. Livingstone made his comments a week after stating in an interview that a gay banker would not be enticed to leave London to work in […]

    / Feb 17, 2012 at 6:27 PM
  • News

    Bank of America Casts A Dark Cloud Over New Hires’ Summer Plans

    Alternatively, things are looking up for those hoping to romance an Olympic synchronized swimmer.

    / Feb 6, 2012 at 6:29 PM
  • Love

    JPMorgan Analyst Strangely Impervious To Married Ex-Boyfriend / Colleague’s Romantic Gestures

    Time was, Daniela Rausnitz and David Gray had something special. Following a summer of flirtation across cubicles- Daniela was an intern at JPMorgan, David a “high-flying” third year analyst- the two got together after Daniela graduated from Duke and their relationship was “cemented” when David consoled her over being “sexually harassed by a senior member […]

    / Dec 6, 2011 at 12:30 PM
  • Banks

    Occupy London Protestors To Show UBS How To Run A Bank Without Losing Money

    Occupy London campaigners have taken over a derelict building owned by investment bank UBS…The building they have taken over at Crown Place belongs to, but is not occupied by, UBS and no business transactions take place there. The activists plan to set up a “bank of ideas” there tomorrow and open the disused offices and […]

    / Nov 18, 2011 at 11:28 AM

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